Brownie Brown may not be a familiar name to you, but you're likely familiar with their work, with their most famous being cult classic Mother 3. They had also developed the DS title Magical Starsign, and have worked with Level-5 most recently on Professor Layton's London Life (the side game in Professor Layton & The Last Specter) as well as Fantasy Life (a Japanese release).
The developer is also a subsidiary within Nintendo, and according to their website, they are now undergoing a change in internal structure to better focus their co-development efforts with Nintendo. Thus, a new company with a new name is born - 1-UP Studio, which seems to gel much more with Nintendo than the name "Brownie Brown" did.
As to what games they currently have in development, it looks like we'll have to wait just a bit longer to hear what they are. Given that their portfolio is particularly 3DS-oriented, it seems likely that the projects will continue to be handheld-based. For now, though, say goodbye to the Brownie Brown we once knew, and hello to the new 1-UP Studio.